King Washington Subordination of Vendor's Lien Retained by Grantor in Warranty Deed

• Category: Oil Gas and Minerals - Subordination
• State: Multi-State
• County: King
• Control #: US-OG-138
• Format: Word; Rich Text

Description

If a person has purchased land, and the grantor in the deed reserves a vendors lien, that lien is superior to any subsequent grants by the owner of the land, including any oil and gas lease entered into at a later date. This form provides for the lien holder to subordinate a retained vendor's lien to an oi land gas lease on the lands that are the subject of the vendor's lien. A subordination of vendor's lien retained by the granter in a warranty deed is a legal provision that can be found in real estate transactions in the state of Washington, specifically in the King County area. This provision allows the granter (seller) to retain and prioritize their vendor's lien, which is essentially the right to claim a portion of the proceeds from the property's sale if the buyer defaults on their payment. In the context of a warranty deed, which is a type of deed used to convey ownership of real estate, the subordination of vendor's lien retained by the granter ensures that the seller's lien has priority over any other liens or encumbrances that may be placed on the property by the buyer or any subsequent owners. The purpose of including this provision in a warranty deed is to protect the interests of the seller by ensuring that they have recourse in case the buyer doesn't fulfill their financial obligations. By retaining the vendor's lien and making it subordinate to any other liens, the granter guarantees that they will have a claim on the property's proceeds before any other creditors in the event of default. While this subordination provision is commonly used in King County, Washington, it is important to note that there may be variations or different types of subordination of vendor's lien retained by the granter in warranty deeds depending on the specific circumstances of the transaction. Some possible variations may relate to the terms and conditions of subordination or the inclusion of additional clauses to further protect the granter's interests. In conclusion, the subordination of vendor's lien retained by the granter in a warranty deed is a legal provision designed to safeguard the seller's interests in real estate transactions in King County, Washington. It ensures that the seller's vendor's lien retains priority over other liens on the property and provides them with a means of recourse in case of default.

A subordination of vendor's lien retained by the granter in a warranty deed is a legal provision that can be found in real estate transactions in the state of Washington, specifically in the King County area. This provision allows the granter (seller) to retain and prioritize their vendor's lien, which is essentially the right to claim a portion of the proceeds from the property's sale if the buyer defaults on their payment. In the context of a warranty deed, which is a type of deed used to convey ownership of real estate, the subordination of vendor's lien retained by the granter ensures that the seller's lien has priority over any other liens or encumbrances that may be placed on the property by the buyer or any subsequent owners. The purpose of including this provision in a warranty deed is to protect the interests of the seller by ensuring that they have recourse in case the buyer doesn't fulfill their financial obligations. By retaining the vendor's lien and making it subordinate to any other liens, the granter guarantees that they will have a claim on the property's proceeds before any other creditors in the event of default. While this subordination provision is commonly used in King County, Washington, it is important to note that there may be variations or different types of subordination of vendor's lien retained by the granter in warranty deeds depending on the specific circumstances of the transaction. Some possible variations may relate to the terms and conditions of subordination or the inclusion of additional clauses to further protect the granter's interests. In conclusion, the subordination of vendor's lien retained by the granter in a warranty deed is a legal provision designed to safeguard the seller's interests in real estate transactions in King County, Washington. It ensures that the seller's vendor's lien retains priority over other liens on the property and provides them with a means of recourse in case of default.